* each loan repayment schedule and exact payment amount varies depending on the distances between paydays, this is only an example and exact figures will be provided in the loan documents when you apply.

General Information

True Blue Loans is an instalment loan provider offering loans over terms of 3, 5 and 6 months. While technically they are payday lenders due to the short duration and higher interest rates, they like to distinguish themselves from the more traditional ‘single instalment payday loan’. They believe that offering these loans over more than 1 repayment brings the monthly cost of the loan down and therefore makes it more affordable to some customers. They are the first to admit that this makes the overall cost of the loan higher, but this is the price that is paid for lower monthly payments.

They like to offer customers flexibility so any loan can be repaid early with interest charged daily up to the day it is repaid. This means that if you really do want a single instalment loan you can borrow for 3 months and call in and pay off in full on your first payday.

True Blue Loans follows all of the FCA regulations on rate capping. It charges interest at 0.795% per day, no more than £15 in default charges and you will never pay back more than double what you borrow.

Application Process

The True Blue Loans application process, like many lenders these days, is fairly comprehensive. The questions are not difficult but you will need to provide information on your income and expenditure. As well as the normal Name, Address and Contact Details, you will need to put in information about your salary and employment as well as your monthly outgoings. Page 2 of the application collects you bank and debit card information. It is estimated that filled in thoughtfully the application will take around 10 to 15 minutes to complete.

After submitting the application an initial automated decision is given immediately. This will either be a decline or you will be informed that the application will be passed to a manual underwriter for further review. While True Blue Loans aims to process its applications in a timely manner, it places responsible lending and adequate checks ahead of speed of processing.

The team works 8:30 to 17:00 Monday to Friday and they aim to review all applications the same day they are received. On some occasions additional documentation is required and the application is place on hold until these are received.

If the loan is approved all funds are transferred via Faster Payments at no extra cost. So subject to your bank accepting these you should have your fund the same day the loan is approved.

Emails are sent at each stage of the decision process to keep you up to date with the progress of the application.

True Blue Loans makes it very clear that the loan is only ‘approved’ when they transfer funds to your account. Up to this point they can decline the application at any time.

Eligibility

To apply for a loan with True Blue Loans you must be:
- be a UK resident
- be between 25 and 64 years old
- be employed (full time only)
- have a regular income of £1,000 or more after tax
- have a valid debit card linked to the bank account your wages are paid into

They will not lend to anyone who:
- has had any CCJ’s within the last 6 years
- has been declared bankrupt or in an IVA
- is enrolled in a Debt Management Plan

Bad Credit?

Bad credit is something that True Blue Loans is very careful about. In the past ‘Bad Credit Loans’ were often seen by many as ‘Loans Regardless of Credit’ and ‘Lent to Anyone’. This is definitely not how this company views it.

The company does not expect every customer to walk through the door with a perfect credit file, however they must demonstrate that they are both willing and able to repay any loan they are given. When True Blue Loans says it will consider those with ‘Bad Credit’ they mean that they will review the application and put less emphasis on older ‘poor’ credit history, if there are signs that more recent borrowing has been repaid as agreed. Every customer is credit checked and the complete picture taken into account before making a decision. They also ensure that, based on all available information that the loan is going to be physically affordable to the borrower.

Responsible Lending

Responsible Lending is a real ‘buzz-word’ in today’s credit market. The FCA will come down hard on any lender who cannot demonstrate that they are lending responsibly.

True Blue Loans carries out thorough affordability and creditworthiness checks on every applicant. This is to ensure that the customer can afford the loan and is likely to repay it on time without difficulty.

Some of this assessment is based on the information supplied in the application, however with some highly sophisticated data sources available, much of this can be validated electronically.

Repayment

Loan repayments are scheduled in line with your employment paydays. Payments are collected from your debit card using Continuous Payment Authority (CPA). In line with FCA regulations, no more than 2 CPA attempts will be made on any overdue account.

You can repay all or part of the loan off early. Interest is added daily so you only pay interest up to the day you repay.

Late Payments

If payments are missed then interest will continue to accrue on a daily basis on the capital outstanding. Late payment fees will be charged the day after the missed payment and will be up to a maximum of £12.00. The total late payment fees on any account will not exceed £15.00 or cause the FCA’s total cost cap to be breached.

True Blue Loans is committed to help those who cannot repay their loan as agreed. They have a variety of options available including working directly with the borrower or via the borrower’s representative 3rd party. In some cases they may be able to freeze interest and charges where a realist payment plan is agreed.

All the lender asks is that anyone experiencing payment difficulties contacts them as soon as possible on 01284 724651 or emails info@trueblueloans.co.uk

You can share your experience with TrueBlueLoans and leave your own review in the comments below